The White House National Economic Council and the Council of Economic Advisers are jointly assessing both the potential short-term and long-term effects.
White House economic advisers are studying the potential impact that the coronavirus scare could have on the U.S. economy, according to two people familiar with the internal review, as federal officials enactThe White House National Economic Council and the Council of Economic Advisers are jointly assessing both the potential short-term and long-term effects of the coronavirus, these officials said, with fears mounting over the virus’s spread into the United States.
“You need something that would cause greater uncertainty such that businesses postpone making new investments and consumers stay home” for the U.S. economy to be hit, said Chris Rupkey, chief financial economist at MUFG in New York. “It’d have to be a much bigger health scare than we’ve seen. It hasn’t reached the magnitude of a true crisis that could put the brakes on growth.”
Some analysts also say that even if the coronavirus continues for one or two quarters, there is unlikely to be more serious long-term damage to the U.S. economy. Combined with a downturn in sales at Boeing, Rupkey said, the virus may shave about three-quarters of a percentage point off economic growth. Gross domestic product rose 2.3 percent last year, so such a dent could be notable.
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